Tunas Baru Lampung 1Q2015 NEWSLETTER
PT. TUNAS BARU LAMPUNG, Tbk. (TBLA)
Wisma Budi, 8 – 9 Floor
Jl. H.R Rasuna Said Lot C-6, Jakarta
Telp: (021) 5213383 , Fax: (021) 5213332
th
P&L (IDR Millions) – YoY
Revenue
Gross Profit
Operating Profit
1
NPAT
EBITDA
Unrealized forex losses (UFL)
Normalized NPAT (ex UFL)
BS (IDR Millions)
Asset
Liability
Equity
Interest Bearing Debt
Cash & cash equivalent
th
1Q2015 NEWSLETTER
1Q2015
1,345,316
310,954
200,045
114,345
247,878
(46,350)
128,279
1Q2014
1,158,485
291,333
166,966
168,962
202,066
40,014
100,676
Change (%)
16.1%
6.7%
19.8%
-32.3%
22.7%
31 Mar 2015
7,500,810
4,945,154
2,555,656
3,282,723
391,448
31 Dec 2014
7,328,419
4,864,002
2,464,417
3,376,928
519,690
Change (%)
2.4%
1.7%
3.7%
-2.8%
-24.7%
1Q2015
23.1%
14.9%
9.5%
18.4%
6.8%
20.1%
1.1
1Q2014
25.1%
14.4%
8.7%
17.4%
5.5%
16.3%
1.2
Ratios
Gross margin
Operating margin
Normalized Net margin
EBITDA margin
Normalized ROE
Normalized ROA
Net Debt to Equity
SALES & FINANCIAL HIGHLIGHTS
-
Despite weak CPO market, Y-o-Y CPO ASP went down by 15.9%, TBLA still posted
healthy Y-o-Y growths in Revenue, Operating Profit and EBITDA of 16.1%, 19.8%
and 22.7% respectively. Those mostly come from higher sales volume of Palm
Cooking Oil and sugar refinery contribution. Cooking oil sales volume went higher
by 44.8% in 1Q2015.
-
Y-o-Y palm cooking oil nominal sales went up by 31.1% to Rp391.1bn in 1Q2015
with the domestic sales improved by 19.8%, whilst export market grew more than
threefold since last year.
-
Although the government has yet to allocate sugar import quota this year, sugar
still contribute 8.2% of sales reve ue i Q
5 fro previous year’s refi i g
stock. In 1Q2014, sugar only made up 1.6% of sales.
-
The Company booked unrealized forex losses of Rp46.4bn in 1Q2015, as IDR
depreciates against USD from Rp12,440 at the beginning of the year to Rp13,084
at the end of March 2015. This unrealized forex loss comes from marking to
market USD debt for each period, since TBLA’s reporting is done in IDR. Cashflow
wise, the Company is fully insulated from forex risk since majority of sales are
made in USD. During the same period last year, TBLA was reporting unrealized
forex gain of Rp40.0bn.
-
NPAT went down by 32.3%, mostly from unrealized forex effect, a non-cash item
as explained above. When taking out unrealized forex losses effect, normalized
NPAT grew by 27.4% compared to previous year.
-
Margins and Return profiles are relatively stable with some improvements, whilst
gearing position went lower from 1.2 at the end of last year to 1.1 at the end of
March 2015.
27.4%
Sales Volume
CPO
Palm Cooking Oil
PKO
Sugar
1Q2015
27,960
42,983
22,103
16,589
1Q2014
32,514
29,678
23,301
2,968
Change (%)
-14.0%
44.8%
-5.1%
458.9%
Sales Price (IDR/Kg) ex VAT
CPO
Palm Cooking Oil
PKO
Sugar
1Q2015
8,049
9,099
12,421
7,545
1Q2014
9,574
10,051
12,079
7,389
Change (%)
-15.9%
-9.5%
2.8%
2.1%
Page 1 of 2
PT. TUNAS BARU LAMPUNG, Tbk. (TBLA)
Wisma Budi, 8 – 9 Floor
Jl. H.R Rasuna Said Lot C-6, Jakarta
Telp: (021) 5213383 , Fax: (021) 5213332
th
th
Production Summary
1Q2015 NEWSLETTER
1Q2015
1Q2014
Change (%)
FFB Harvested
FFB Nucleus (MT)
FFB Plasma (MT)
FFB 3rd Party (MT)
FFB Yield – Nucleus (MT/Ha)
Crude Palm Oil (CPO)
CPO Production (MT)
CPO Extraction Rate (OER)
Palm Kernel Oil (PKO)
PKO Production (MT)
Kernel Extraction Rate (KER)
QUARTERLY TREND
137,658
20,770
150,969
4
98,808
21,126
141,995
3
39.3%
-1.7%
6.3%
61,931
21.7%
51,714
21.0%
19.8%
31 Mar 2014
44,256
10,018
54,274
5,752
47,663
9,179
56,482
1,963
18,267
42.6%
18,690
42.1%
-2.3%
PRODUCTION SUMMARY
Y-o-Y FFB nucleus harvest went up by 39.3% with more crops from our
higher yielding estates in Palembang and Pontianak maturing.
CPO ASP continues its negative trend this quarter, reaching its lowest level
th
in 5 consecutive quarter. Although Y-o-Y CPO production went up by
19.8%, CPO sales volume was lower by 14.0% as the Company put more
allocation for its downstream cooking oil production. Y-o-Y Cooking oil
sales volume went up by 44.8%.
SUGAR SALES VOL
CPO ASP (IDR/KG)
9,574
320,884
9,274
39,859
9,147
234,718
36,279 35,996
8,728
8,049
137,658
16,589
64,102
3,000
1Q14 2Q14 3Q14 4Q14 1Q15
1Q14 2Q14 3Q14 4Q14 1Q15
1Q14 2Q14 3Q14 4Q14 1Q15
PKO SALES VOL
PALM COOKING OIL SALES
VOL
CPO SALES VOL
65,097
24,290
23,301
58,564
49,271
32,514
31 Mar 2015
Mature
Immature
Total Oil Palm
Sugar Cane
(all figures in metric ton except for CPO ASP)
FFB NUCLEUS HARVEST
98,808
Planted Area (Ha)
Oil Palm
22,103
18,011 17,005
29,678
27,960
1Q14 2Q14 3Q14 4Q14 1Q15
1Q14 2Q14 3Q14 4Q14 1Q15
35,460 36,782 38,055
42,983
1Q14 2Q14 3Q14 4Q14 1Q15
Demand for Rose Brand cooking oil continues to grow, which is evident as
cooking oil sales volume hit another all time quarterly high in 1Q2015 at
42,983 ton.
Overall CPO plantation size is lower as expected with the Co pa y’s
ongoing program in converting its fully matured oil palm plantation in
Lampung into sugar cane. TBLA’s sugar cane plantation went up almost
threefold from 1,963ha recorded March last year, to 5,752ha by the end
of 1Q2015. Including plasma field managed at Group level, the Company
already control close to 8,000ha of sugar cane plantation as of March
2015. TBLA’s is getting closer to its initial target of planting 12,000ha
sugarcane by the end of FY2016.
TBLA’s 8,000 TCD (Ton Cane Day) sugar mill construction is progressing
and look well on schedule to be completed by 4Q2016. When completed,
it will have the capacity to produce 120,000 – 150,000 ton of sugar per
annum. With the plantation in place, sugarcane for the mill will be mostly
self supplied, which would ensure optimum mill operation.
For more information, please contact Head of Investor Relations:
Eric Tirtana I email. eric.tirtana@sungaibudi.com I Mob. +6285880242328 I Tel. (+62-21) 521 3383
Page 2 of 2
Wisma Budi, 8 – 9 Floor
Jl. H.R Rasuna Said Lot C-6, Jakarta
Telp: (021) 5213383 , Fax: (021) 5213332
th
P&L (IDR Millions) – YoY
Revenue
Gross Profit
Operating Profit
1
NPAT
EBITDA
Unrealized forex losses (UFL)
Normalized NPAT (ex UFL)
BS (IDR Millions)
Asset
Liability
Equity
Interest Bearing Debt
Cash & cash equivalent
th
1Q2015 NEWSLETTER
1Q2015
1,345,316
310,954
200,045
114,345
247,878
(46,350)
128,279
1Q2014
1,158,485
291,333
166,966
168,962
202,066
40,014
100,676
Change (%)
16.1%
6.7%
19.8%
-32.3%
22.7%
31 Mar 2015
7,500,810
4,945,154
2,555,656
3,282,723
391,448
31 Dec 2014
7,328,419
4,864,002
2,464,417
3,376,928
519,690
Change (%)
2.4%
1.7%
3.7%
-2.8%
-24.7%
1Q2015
23.1%
14.9%
9.5%
18.4%
6.8%
20.1%
1.1
1Q2014
25.1%
14.4%
8.7%
17.4%
5.5%
16.3%
1.2
Ratios
Gross margin
Operating margin
Normalized Net margin
EBITDA margin
Normalized ROE
Normalized ROA
Net Debt to Equity
SALES & FINANCIAL HIGHLIGHTS
-
Despite weak CPO market, Y-o-Y CPO ASP went down by 15.9%, TBLA still posted
healthy Y-o-Y growths in Revenue, Operating Profit and EBITDA of 16.1%, 19.8%
and 22.7% respectively. Those mostly come from higher sales volume of Palm
Cooking Oil and sugar refinery contribution. Cooking oil sales volume went higher
by 44.8% in 1Q2015.
-
Y-o-Y palm cooking oil nominal sales went up by 31.1% to Rp391.1bn in 1Q2015
with the domestic sales improved by 19.8%, whilst export market grew more than
threefold since last year.
-
Although the government has yet to allocate sugar import quota this year, sugar
still contribute 8.2% of sales reve ue i Q
5 fro previous year’s refi i g
stock. In 1Q2014, sugar only made up 1.6% of sales.
-
The Company booked unrealized forex losses of Rp46.4bn in 1Q2015, as IDR
depreciates against USD from Rp12,440 at the beginning of the year to Rp13,084
at the end of March 2015. This unrealized forex loss comes from marking to
market USD debt for each period, since TBLA’s reporting is done in IDR. Cashflow
wise, the Company is fully insulated from forex risk since majority of sales are
made in USD. During the same period last year, TBLA was reporting unrealized
forex gain of Rp40.0bn.
-
NPAT went down by 32.3%, mostly from unrealized forex effect, a non-cash item
as explained above. When taking out unrealized forex losses effect, normalized
NPAT grew by 27.4% compared to previous year.
-
Margins and Return profiles are relatively stable with some improvements, whilst
gearing position went lower from 1.2 at the end of last year to 1.1 at the end of
March 2015.
27.4%
Sales Volume
CPO
Palm Cooking Oil
PKO
Sugar
1Q2015
27,960
42,983
22,103
16,589
1Q2014
32,514
29,678
23,301
2,968
Change (%)
-14.0%
44.8%
-5.1%
458.9%
Sales Price (IDR/Kg) ex VAT
CPO
Palm Cooking Oil
PKO
Sugar
1Q2015
8,049
9,099
12,421
7,545
1Q2014
9,574
10,051
12,079
7,389
Change (%)
-15.9%
-9.5%
2.8%
2.1%
Page 1 of 2
PT. TUNAS BARU LAMPUNG, Tbk. (TBLA)
Wisma Budi, 8 – 9 Floor
Jl. H.R Rasuna Said Lot C-6, Jakarta
Telp: (021) 5213383 , Fax: (021) 5213332
th
th
Production Summary
1Q2015 NEWSLETTER
1Q2015
1Q2014
Change (%)
FFB Harvested
FFB Nucleus (MT)
FFB Plasma (MT)
FFB 3rd Party (MT)
FFB Yield – Nucleus (MT/Ha)
Crude Palm Oil (CPO)
CPO Production (MT)
CPO Extraction Rate (OER)
Palm Kernel Oil (PKO)
PKO Production (MT)
Kernel Extraction Rate (KER)
QUARTERLY TREND
137,658
20,770
150,969
4
98,808
21,126
141,995
3
39.3%
-1.7%
6.3%
61,931
21.7%
51,714
21.0%
19.8%
31 Mar 2014
44,256
10,018
54,274
5,752
47,663
9,179
56,482
1,963
18,267
42.6%
18,690
42.1%
-2.3%
PRODUCTION SUMMARY
Y-o-Y FFB nucleus harvest went up by 39.3% with more crops from our
higher yielding estates in Palembang and Pontianak maturing.
CPO ASP continues its negative trend this quarter, reaching its lowest level
th
in 5 consecutive quarter. Although Y-o-Y CPO production went up by
19.8%, CPO sales volume was lower by 14.0% as the Company put more
allocation for its downstream cooking oil production. Y-o-Y Cooking oil
sales volume went up by 44.8%.
SUGAR SALES VOL
CPO ASP (IDR/KG)
9,574
320,884
9,274
39,859
9,147
234,718
36,279 35,996
8,728
8,049
137,658
16,589
64,102
3,000
1Q14 2Q14 3Q14 4Q14 1Q15
1Q14 2Q14 3Q14 4Q14 1Q15
1Q14 2Q14 3Q14 4Q14 1Q15
PKO SALES VOL
PALM COOKING OIL SALES
VOL
CPO SALES VOL
65,097
24,290
23,301
58,564
49,271
32,514
31 Mar 2015
Mature
Immature
Total Oil Palm
Sugar Cane
(all figures in metric ton except for CPO ASP)
FFB NUCLEUS HARVEST
98,808
Planted Area (Ha)
Oil Palm
22,103
18,011 17,005
29,678
27,960
1Q14 2Q14 3Q14 4Q14 1Q15
1Q14 2Q14 3Q14 4Q14 1Q15
35,460 36,782 38,055
42,983
1Q14 2Q14 3Q14 4Q14 1Q15
Demand for Rose Brand cooking oil continues to grow, which is evident as
cooking oil sales volume hit another all time quarterly high in 1Q2015 at
42,983 ton.
Overall CPO plantation size is lower as expected with the Co pa y’s
ongoing program in converting its fully matured oil palm plantation in
Lampung into sugar cane. TBLA’s sugar cane plantation went up almost
threefold from 1,963ha recorded March last year, to 5,752ha by the end
of 1Q2015. Including plasma field managed at Group level, the Company
already control close to 8,000ha of sugar cane plantation as of March
2015. TBLA’s is getting closer to its initial target of planting 12,000ha
sugarcane by the end of FY2016.
TBLA’s 8,000 TCD (Ton Cane Day) sugar mill construction is progressing
and look well on schedule to be completed by 4Q2016. When completed,
it will have the capacity to produce 120,000 – 150,000 ton of sugar per
annum. With the plantation in place, sugarcane for the mill will be mostly
self supplied, which would ensure optimum mill operation.
For more information, please contact Head of Investor Relations:
Eric Tirtana I email. eric.tirtana@sungaibudi.com I Mob. +6285880242328 I Tel. (+62-21) 521 3383
Page 2 of 2